BabyPips.com FX-Men Team
BabyPips.com
GBP/NZD: 1-hour
It’s the trend line that keeps on giving! The pair is making another test of the falling resistance level, which coincides with the 100 SMA dynamic inflection point. If this continues to keep gains in check, the pair could move back to its previous lows around 2.2440 or proceed to create new lows. However, stochastic seems to be suggesting that buyers are taking control of the game, as the oscillator looks poised to head north. In addition, price gapped up over the weekend to open slightly above the trend line, which means that pound bulls are eager to charge. The 200 SMA around 2.2900 might serve as the line in the sand for any trend pullbacks, as a break above that level could signal that the downtrend is over.
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